Goldman Sachs Group Inc. rejoined the US$100-a-barrel oil club, raising its forecast for crude back to triple digits as worldwide demand hits unprecedented levels and OPEC+ supply curbs continue to tighten the market.
With prices advancing by more than 30% since mid-June to breach US$95 a barrel on Tuesday, the Wall Street bank nudged up its 12-month forecast for global benchmark Brent to US$100 a barrel from US$93. However, most of the rally in the vital commodity “is behind us,” the bank said in a note.
